Market Trends of Eye Health Supplement Industry
Cataract Segment is Expected to Show Significant Growth Over the Forecast Period
A cataract is often known as a cloudy lens. The lens is positioned behind the colored part of the eye, and in a cataract patient, the lens becomes clouded. The major factors driving the growth of the segment includes the rising burden of cataract and the rising geriatric population.
The increasing benefits of supplements for cataracts are a major factor driving the growth of the segment. For instance, according to an article published by PubMed Central in October 2022, vitamin B is an essential supplement that has antioxidant and neuroprotective properties, and it is said to decrease cataract incidence. Thus, the high benefits of supplements for cataracts are expected to boost segment growth.
Moreover, the rising geriatric population around the world is also expected to enhance segment growth, as cataracts are often associated with elderly people. For instance, according to the data published by WHO in October 2022, it is estimated that 1 in 6 people in the world will be aged 60 years or over by 2030, and the share of the population aged 60 years and over will increase to 1.4 billion by 2030. Such an anticipated increase in the elderly population growth rate is associated with the increasing use of eye health supplements by cataract patients.
Hence, the aforementioned factors, such as the rising prevalence of cataracts and the rising geriatric population, are expected to boost the segment growth during the forecast period of the study.
North America is Expected to Hold a Significant Market Share Over the Forecast Period
The rise in the geriatric population, the increasing prevalence of diabetes, and eye disorders such as age-related macular degeneration (AMD), cataracts, diabetic retinopathy, and other eye disorders are expected to drive the growth of the studied market in North America. For instance, as per the November 2022 update by NORC at the University of Chicago, for Americans over 50 years, AMD is the main cause of vision loss. The source also stated that approximately one in 10 Americans aged 50 and older have the early form of AMD, and approximately 1 out of every 100 Americans aged 50 and older have the vision-threatening late form.
Moreover, the growing elderly population is expected to drive the growth of the market segment. For instance, according to the data published by the World Bank Group in 2022, the population aged 65 and above as a percentage of the total population was 17.04% in the United States in 2021, 18.56% in Canada, and 7.83% in Mexico. In addition, according to the data published by Statistics Canada in July 2022, it is estimated that around 7,330,605 people are aged 65 years or older in Canada, and this accounts for 18.8% of the total population. As the geriatric population is more prone to ophthalmic diseases, it is expected to drive the growth of the market.
Additionally, the increasing concentration of major players and new product launches in the region adds to the growth of the studied market. For instance, in December 2021, TJ Nutrition, a Texas nutraceutical company that creates one-of-a-kind, patented supplements based on genetic disease investigators' clinical research, launched Parasym Plus Eyes, a revolutionary and patented compound that has scientifically proved to increase tear production while reducing inflammation. By enhancing both lacrimal and vagus nerve function, Parasym Plus Eyes improves both systemic and ocular health neurologically and concurrently.
Thus, in view of the aforementioned factors, such as the rising prevalence of eye disorders, rising geriatric population, and the increasing developments by market players, North America is expected to contribute significantly to the eye health supplement market over the forecast period.
